When Prime Minister (PM) Mark Phillips took the floor of the National Assembly today to defend Budget 2024, he boasted about the People’s Progressive Party/Civic (PPP/C) government’s prowess in being able to support stable energy rates despite global spikes.
Guyana’s energy sector functions primarily with the use of heavy fuel oil. Ever since the Covid-19 pandemic, the world recorded a spike in the price of fuel. Prices further went up as a result of ongoing wars.
Prime Minister Phillips said that the government should be commended for not passing the increase on to consumers. “This people centered, people caring government provided billions of dollars to ensure that every Guyanese continues to pay the same rate for electricity that they have been paying prior to our assumption of office. Just imagine if the PPP/C was not in government,” said Phillips.
The Prime Minister also told the National Assembly that the PPP/C is well aware that power generation is the lifeblood of development, impacting every facet of daily lives. Therefore, his government has also set in motion a plan that will result in electricity prices being reduced by 50 percent.
Phillips said that the Gas-to-Energy Task Force has made substantial progress, adding that it is poised to maintain steadfast commitment to the seamless execution of activities across its supervised projects.
Phillips said that the government’s focus on monetizing gas reserves is evident as reflected within the draft national gas strategy. He said that this document will benefit further from a consultative process with key stakeholders.
